GMPF commits £19m for 114 Bolton flats

Work is due to start imminently on the final phase of the council’s Moor Lane masterplan now that the Greater Manchester Pension Fund has formally agreed to purchase Step Places’ The Foundry.

The Foundry will deliver a mix of 114 one- and two-bedroom apartments as well as a linear park on part of the former Moor Lane bus station site. It is the second phase of Step Place and Bolton Council’s vision for the site, which has already seen the building of around 100 homes.

Main contractor AEDI Construction is targeting an early 2028 practical completion date for this final part of the scheme.

As part of the deal between GMPF and Step Places, negotiated by CBRE, the pension fund will acquire the finished apartments for around £19m. GMPF will then rent them to housing association Places for People to operate.

Moor Lane has been years in the making, with planning permission for the larger scheme won in 2021. In 2023, developer Step Places renegotiated a land deal with Bolton Council for this particular phase of the project. This specific phase also secured £1.3m from the Greater Manchester Combined Authority’s Brownfield Programme.

The success of the project thus far has been due to all the partners working well together, said Step Places managing director Harinder Dhaliwal.

“Working closely with our partners and stakeholders, Bolton Council, GMCA, GMPF and Places for People shows the power of partnership, collaboration and shared vision to bring forward such a landmark scheme,” he said.

Colin Thomasson, executive director at CBRE, described the deal as a “major milestone”.

“Located adjacent to the town hall, the development is a core element of the wider Moor Lane regeneration and benefits from strong public sector support and a well-established delivery partnership,” he said.

He added later: “With Bolton’s amenities, transport interchange and railway station all within walking distance, the scheme is well positioned to attract long term rental demand.”

Bolton Council Leader Cllr Akhtar Zaman welcomed the formalisation of GMPF’s involvement in The Foundry.

“This investment by GMPF shows growing market confidence in Bolton and is sure to attract further investment interest in our many upcoming projects,” he said, referring to ongoing work on the council’s £1bn town centre masterplan.

That masterplan includes the transformation of the Crompton Place shopping centre site into a mixed-use development with hotel, hundreds of homes, and tens of thousands of square feet of offices.

Returning to Moor Lane, Zaman said: “Moor Lane is a key development for Bolton and one of the first to start bringing residents back into the town centre as part of our ongoing regeneration.”

The Foundry was designed by AEW Architects. The planning team included Euan Kellie Property Solutions, Gillespies, Buttress, Redmore Environmental, Renaissance, Hann Tucker Associates, E3P, SK Transport, Ridge, AEDI, and Lexington. To learn more about the project, you can review its planning applications by searching references 12097/21 and 17137/23 on Bolton Council’s planning portal.